Press release
India Tire Market to Reach USD 27.6 Billion by 2033 at 7.6 % CAGR - "India Tire Market" Forecast & Growth Insight
India Tire Market
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♦ Key Highlights
Market size & CAGR: ~USD 13.4 billion in 2024, projected to reach USD 27.6 billion by 2033 at ~7.6 % CAGR.
Leading segment: The two-wheeler vehicle type holds the largest share, driven by high motorcycle/scooter ownership.
Fastest-growing region: West & Central India noted as dominant hubs owing to strong automotive clusters and infrastructure.
Key drivers/trends: Rapid urbanization, increasing vehicle fleet, shift to radial tyres, and growing demand for eco-friendly/high-performance tyres.
Top companies: Market players include MRF Limited, Apollo Tyres Ltd., CEAT Limited, JK Tyre & Industries Ltd., Bridgestone Corporation and Goodyear Tire & Rubber Company.
♦ Market Outlook
The India tire market is experiencing robust expansion as vehicle ownership accelerates across passenger cars, two-wheelers and commercial vehicles. The increasing focus on radial tyres - known for better durability and fuel efficiency - is reshaping the product landscape.
Replacement demand remains a key contributor, supported by a growing fleet and rising awareness of tyre safety and performance. However, volatility in raw material prices and competition from unorganised players may act as restraints.
► Get access to the full description of the report @https://www.maximizemarketresearch.com/market-report/india-tire-market/21022/
♦ Regional Insights
West and Central India stand out as significant growth regions due to their dense automotive manufacturing clusters and advancing infrastructure. In addition, increasing rural mobility and vehicle penetration in tier-II/III cities are opening up new markets across India.
♦ Key Players & Competitive Landscape
Major domestic and international tyre manufacturers are vying for market share by expanding manufacturing capacity, introducing eco-friendly and EV-compatible tyres, and strengthening distribution networks. For example, players like MRF, Apollo Tyres, CEAT and JK Tyre are actively investing in new product development and technology upgrades. The competitive dynamic is further intensified by global firms leveraging India as a manufacturing hub.
♦ Quote
"India's tyre market presents a significant opportunity as vehicle fleets expand and replacement cycles accelerate," said Rajesh Kumar, Senior Analyst at Maximize Market Research. "Manufacturers who invest in radial and EV-compatible tyres and tap regional growth corridors are likely to capture a disproportionate share of the growth."
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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